KUALA LUMPUR: Malaysia has pledged to cut its oil production by 20,000 barrels per day following a decision by the Organisation of the Petroleum Exporting Countries (OPEC).
Minister in Prime Minister's Department Datuk Seri Abdul Rahman Dahlan, after a meeting between OPEC and non-OPEC countries in Vienna, Austria yesterday, said this was part of its effort to stabilise global oil prices.
"The meeting which saw Malaysia’s participation was concluded with continued commitment from non-OPEC countries, following OPEC's decision on the same day, to continue with production cuts for a further nine-months ending Quarter 1, 2018.
"On behalf of Malaysia and after discussing with Petronas, I pledged production cuts of 20,000 barrels per day which was agreed by other members, similar to the level committed before," he said in a statement today.
Rahman said Malaysia believes that a more stable and balanced global oil prices can be achieved by stimulating a sustainable balance in the demand and supply mechanism to achieve an optimal market price.
"Malaysia views such steps, in the long term, would positively impact more economies for both producers and consumers alike in achieving the sustainable development agenda.
"Malaysia welcomes the decision agreed today and reaffirms its commitments to today's agreement and wishes the cooperation to be successful," he added.